Last week the National Cyber Security Centre (NCSC) released details of their latest advice to individuals and organisations as part of their Cyber Aware campaign – timed to support the increased use of remote working and simply ‘living’ online. It was also an opportunity to go back to basics and remind organisations and individuals how we should all be operating to minimise risk.
Point 4 of the advice focuses on the use of 2 factor or multi-factor authentication. A process that MIRACL has championed for many years.
Whether it’s your gaming account, access to TV streaming channels (NetFlix etc), online banking or email accounts, when it comes to verification, Multi-Factor authentication is a must in enabling stronger and more effective online security. Data is high currency in the cybercriminal world and the more that can be done to prevent access to personal information the better. According to IBM the global average cost of a data breach is $3.9 million.
With this in mind, it’s imperative that the organisations instil strong enough authentication processes that protect their customer’s identity and data; and so they themselves don’t fall foul to a data breach that leaves them open to reputational damage, not to mention imposed fines see https://techcrunch.com/2020/03/31/marriott-hotels-breached-again/. If you can use an authentication process that doesn’t store or hold personal data, so much the better.
4 reasons to implement MFA:
- Enhanced security - any MFA solution will reduce the chance of account takeover by 95% or more
- Compliance – banks facing the need for more stringent security methods
- Ease of use – once set up, there are no passwords for your customers to remember, or forget
- Peace of mind – maximising the security for your customers, and your business
MIRACL helps any organisation replace insecure passwords, complex 2FA and expensive SMS texts - with a simple PIN. Purpose-built for sectors where any additional security drives users away, it uses cryptography licensed to Experian, Google, the US Military and Intel to block 99.9% of all account attacks.
A combination of user friendliness, hardware independence and cost make it possible to deploy strong multi-factor authentication to large enterprises or diverse customer networks where it was previously impossible or impractical.